Shares of Expensify soared more than 45% as the expense management company began trading on the Nasdaq on Wednesday. Expensify priced its IPO at $27 a share at a $2.18 billion valuation. The stock climbed more than 45% at $39.20 in midday trades.
"It's a pretty exciting time," Expensify CEO David Barrett told Protocol shortly before the trading began. "It's a huge, huge market opportunity. And I think people really see that there is a way to capture a huge fraction of a market that's been largely overlooked."